Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Repurchase Program

In the first quarter of 2016, our Board of Directors authorized a $12.0 billion stock repurchase program (2016 Program) under which repurchases may be made in the open market or in privately negotiated transactions. We started repurchases under the 2016 Program in April 2016.

During the three and nine months ended September 30, 2019, we repurchased and retired 3 million and 25 million shares of our common stock for $223 million and $1.6 billion, respectively, through open market transactions under the 2016 Program. During the three and nine months ended September 30, 2018, we repurchased and retired 6 million and 26 million shares of our common stock for $449 million and $1.9 billion, respectively, through open market transactions under the 2016 Program. As of September 30, 2019, the remaining authorized repurchase amount under the 2016 Program was $3.5 billion.

Accumulated Other Comprehensive Income

The following table summarizes the changes in AOCI by component, net of tax during the nine months ended September 30, 2019 and 2018 (in millions):

	Foreign Currency Translation			Unrealized Gains and Losses on Available-for-Sale Debt Securities			Unrealized Gains and Losses on Cash Flow Hedges			Total
Balance at December 31, 2018	$	47		$	(52	)	$	85		$	80
Net unrealized gain (loss)	(19		)	53			99			133
Reclassifications to net income	—			—			(96		)	(96		)
Net current period other comprehensive income (loss)	(19		)	53			3			37
Balance at September 30, 2019	$	28		$	1		$	88		$	117

	Foreign Currency Translation			Unrealized Gains and Losses on Available-for-Sale Debt Securities			Unrealized Gains and Losses on Cash Flow Hedges			Total
Balance at December 31, 2017	$	85		$	194		$	(114	)	$	165
Reclassifications to retained earnings as a result of the adoption of new accounting standards	—			(293		)	—			(293		)
Balance at January 1, 2018	85			(99		)	(114		)	(128		)
Net unrealized gain (loss)	(17		)	25			51			59
Reclassifications to net income	—			4			101			105
Net current period other comprehensive income (loss)	(17		)	29			152			164
Balance at September 30, 2018	$	68		$	(70	)	$	38		$	36

The amounts reclassified to net income for gains and losses on cash flow hedges are recorded as part of Product sales on our Condensed Consolidated Statements of Operations. See Note 5. Derivative Financial Instruments for additional information. The amounts reclassified to net income for gains and losses on available-for-sale debt securities are recorded as part of Other income (expense), net on our Condensed Consolidated Statements of Operations. The income tax impact allocated to each component of other comprehensive income was not material for the periods presented.